Home Owner Loan - How Soon after buying a House?

Micksims

Hi Guys,

I'm buying a house £10k cheaper than the value and I'm borrowing the money from work towards the deposit, I have the option to pay work back over time but I would like to pay them ASAP.

I was wondering if anyone knows how soon after you buy a house can you get a home owner loan? (I want to keep monthly payments as low as poss until my 2 year mortgage deal comes to an end, then ideally roll everything up into the mortgage)

Incase anyone is wondering about numbers, the house is being bought for £310k, the mortgage will be £279k and work are lending me £20k for the deposit.

Cheers,

jw2003

at the risk of sounding thick, how are you getting the mortgage - £20k isn't even 10%

and why a secured loan? Would an unsecure loan not suffice?

_Andy_

Is the mortgage lender aware what the source of the deposit is?

Micksims

The other £11k (& stamp/legal fees) for the deposit is coming from myself (90% mortgage already AIP).
I ideally don't want to go unsecured route as the repayments will be higher (less repayment period to spread the costs)

Thanks,

jw2003

From what I can see there's not a great deal in it rates wise with a Black Horse secured loan being advertised at 8.5% and a Sainsbury's Finance unsecured loan at 8.9%

We took out a £20,000 (over 12 months) unsecured loan 9 months after taking out our mortgage

_Andy_

Is the mortgage lender aware of the source of the deposit?

Micksims

Thanks for the responses guys, dosent matter now. Going to sell the wheels to pay the company back, needs must!!!